Pros
- Swissquote is well positioned to leverage its high quality multi asset class trading platform at an international level and remain a market leader in its domestic market
- Swissquote is progressively diversifying its revenue source not only through product offering (cryptos, staking, white-label partnerships) but also structurally (asset-based) which will benefit from the increasing rates environment
- Swissquote’s strong balance sheet (a high CET1 ratio and no debt) gives it appreciated flexibility in terms of acquisition or organic growth (R&D remains key to the company’s DNA)
Cons
- Swissquote’s top-line remains strongly correlated to the health of the financial markets (low level of recurring revenues)
- Competition has pressured trading fees in recent years at a time when central banks’ low/negative rates have put pressure on net interest income
- Swissquote is increasingly targeting less-wealthy retail clients, a segment in which it should face more competition
| | |
|
12/22A
|
12/23A
|
12/24E
|
12/25E
|
12/26E
|
|
PER ajusté (x)
| | |
12,5
|
12,3
|
14,4
|
15,1
|
14,6
|
|
Rendement net (%)
| | |
1,67
|
2,39
|
2,02
|
1,93
|
1,99
|
|
VE/EBITDA(R) (x)
| | |
7,62
|
7,95
|
9,69
|
9,91
|
9,37
|
|
BPA ajusté (CHF)
| | |
10,6
|
14,6
|
20,1
|
19,1
|
19,8
|
|
Croissance des BPA (%)
| | |
-18,5
|
38,4
|
37,3
|
-4,73
|
3,19
|
|
Dividende net (CHF)
| | |
2,20
|
4,30
|
5,84
|
5,57
|
5,75
|
|
Chiffre d'affaires (MCHF)
| | |
408
|
531
|
680
|
652
|
685
|
|
Marge avant impôt (%)
| | |
45,7
|
48,1
|
51,7
|
51,4
|
50,5
|
|
Résultat net pdg (MCHF)
| | |
157
|
218
|
299
|
284
|
294
|
|
ROE (après impôts) (%)
| | |
23,2
|
26,5
|
32,6
|
22,2
|
17,8
|
|
Taux d'endettement (%)
| | |
-30,7
|
-30,1
|
-37,0
|
-28,0
|
-34,7
|
|
Next Div. Indic 5,84 CHF payment 16/05/2025
|
|
Potentiel
1,69 %
Cours (CHF)
289,2
Capi (MCHF)
4 433
|
|
Perf. 1S:
|
4,18 %
|
|
Perf. 1M:
|
-2,30 %
|
|
Perf. 3M:
|
1,12 %
|
|
Perf Ytd:
|
43,7 %
|
|
Perf. relative/stoxx600 10j:
|
-2,95 %
|
|
Perf. relative/stoxx600 20j:
|
-5,87 %
|
|
